Industrial Growth Drives Demand for Refractories, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Refractories markets. Global market for Refractories is projected to reach 55.4 million tonnes by 2020, driven by improving economic environment, recovery in steel and cement production, and rebounding construction industry.

Refractories: A Global Strategic Business Report

San Jose, California (PRWEB)May 23, 2014

Demand for refractories mirrors the industrial growth pattern and inturn the GDP of a country. Growth is strongly linked to the steel and cement industries. Global market for refractories, which bounced back from the 2007-2009 recession, is now poised to grow steadily fueled by increased construction activity supported by improving economic condition worldwide. Rise in personal income and subsequent growth in demand for products such as glass containers and motor vehicles is expected to drive growth. Demand will also benefit from increasing adoption of refractories in other smaller markets such as incinerators and chemicals.

Iron & steel industry represents the largest end-use market for refractories. With refinement of production processes and technologies, consumption of refractories by the steel industry reduced dramatically over the past decade. While this trend is more prominent in developed markets, refractory consumption levels in developing markets are presently higher. Demand for nonmetallic mineral products is expected to grow due to the growing production of cement, ceramics, and other minerals. Demand for refractories is also expected to benefit from expanding applications in the aerospace, paper, chemicals and petroleum end-use markets.

The refractories market continues to witness changes in application as well as material technology. Process parameters such as higher temperatures and reduced energy consumption are expected to influence future advancements in material development. Demand for improved chemical purity has been a key driver of the market, creating significant demand for more cleaner and consistent raw materials. The coming years will witness refractory product suppliers assume the role of problem solvers rather than mere commodity suppliers as has been the case in the past. The market is currently witnessing increased use of high quality refractories that provide longer service life.

As stated by the new market research report on Refractories, Asia-Pacific represents the single largest market worldwide. Driven by China, the region is expected to witness the largest gains in consumption. High consumption of refractories in China will be driven by the continued use of conventional less sophisticated production technologies in steel and other manufacturing sectors that consume higher levels of refractories. Asia-Pacific is also forecast to emerge as the fastest growing market with a CAGR of 5.2% over the analysis period. By form, demand for Monolithics & Other Forms of refractories is projected to growth at a faster rate than refractory Bricks & Shapes. High performance and flexibility aspects are expected to confer significant growth prospects for monolithic castables and preformed shapes.

The research report titled "Refractories: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in volume and value terms for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East/Africa, and Latin America (Brazil and Rest of Latin America). The report also analyzes the global and regional markets for refractories in volume and value terms by Form (Bricks & Shapes, and Monolithics & Others); and Material (Clay Refractories, and Non-Clay Refractories). Global and regional markets for refractories are also analyzed in volume terms by end-use segment (Iron & Steel, Cement, Ceramics & Glass, and Others).

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.